Manhattan diner finds Wyo home
Sweetest spots in retail
Consumer confidence rebounds in July to 6-year high amid healthy employment outlook
Shoppers take a break in June, boost spending by smallest amount in 9 months
Right keyboard, mouse are worth the money
20 patents awarded to Utah inventors
Workers still reject company stock
Small companies may get compliance delay
Dornoff Consulting is designed to help businesses be more competitive in an ever changing marketplace. Dornoff Consulting provides business consulting services along with Community Development, Community Economic Development, Urban Planning, Transportation Planning, and Urban Design.
Tuesday, July 31, 2007
Monday, July 30, 2007
Business Articles of Note
As salon owner, stylist adds spa, juggles time
Busy? Rent a pet
Navteq charts fast growth of maps via Web, cars, devices, phones
Wealthy spend more as middle class cuts back
'Consumer' plans fight health costs
Senators want to avoid a digital 'train wreck' in TV transition
Companies encouraging retired baby boomers to return to workplace
Working extra years can have big impact on retirement income
Liquidation brothers give DVDs an extended shelf life
U.S. Merchants Look to the North in Bid to Rejuvenate Slowing Sales
A Trimmer Gun to Spear Smaller Fry
A Global View of Reinventing Careers
The Potter effect: Book industry has undergone storm of changes
Gas-station owners' profits hinge on thirsty customers
Busy? Rent a pet
Navteq charts fast growth of maps via Web, cars, devices, phones
Wealthy spend more as middle class cuts back
'Consumer' plans fight health costs
Senators want to avoid a digital 'train wreck' in TV transition
Companies encouraging retired baby boomers to return to workplace
Working extra years can have big impact on retirement income
Liquidation brothers give DVDs an extended shelf life
U.S. Merchants Look to the North in Bid to Rejuvenate Slowing Sales
A Trimmer Gun to Spear Smaller Fry
A Global View of Reinventing Careers
The Potter effect: Book industry has undergone storm of changes
Gas-station owners' profits hinge on thirsty customers
Sunday, July 29, 2007
Business Articles of Note
Industry struggling to interest youths in working on the railroad
The 2% solution — how Starbucks cut the fat and the guesswork
Small loans help poor people start their own businesses
Solar expansion: Business looks sunny for photovoltaic cell manufacturer
Outsourcing can put you out of touch
Kalispell architects work for the ‘Green’
Outsourcing Micron? Industry analysts say the company must do more production abroad to survive
Living green, by design
Another option
Retail Notebook: Ex-Starbucks exec pours herself into upscale nail parlor
Dozens of nations said to curtail Web use
Quiznos CEO cuts costs, tweaks menu
Angel investors desire success for entrepreneurs
The 2% solution — how Starbucks cut the fat and the guesswork
Small loans help poor people start their own businesses
Solar expansion: Business looks sunny for photovoltaic cell manufacturer
Outsourcing can put you out of touch
Kalispell architects work for the ‘Green’
Outsourcing Micron? Industry analysts say the company must do more production abroad to survive
Living green, by design
Another option
Retail Notebook: Ex-Starbucks exec pours herself into upscale nail parlor
Dozens of nations said to curtail Web use
Quiznos CEO cuts costs, tweaks menu
Angel investors desire success for entrepreneurs
Saturday, July 28, 2007
Can You Change who you are?
Here is a question that often comes up, say you have found your niche but you decided you want to head a different direction, how difficult is it to transition?
The basic answer to this question is that yes you can change but you have to do it very delicately so that you do not alienate your existing market while trying to attract new customers.
Lets take a look at two examples of companies who are big but did not do a good job of transitioning.
The first is Nordstrom. Nordstrom is best know for its customer service. You will pay more to shop their but people do it for its great service. Its product line could best be described as mainstream, nothing fancy but quality product. However a few years ago corporate decided that it wanted to attract younger hipper people into the store. It changed its product lines and alienated its biggest customers. The result was that sales went through the floor and the Nordstrom family replaced some of the big decision makers.
Even the mighty Wal-Mart has failed in an attempt to change their niche. Over the last couple of years they have tried to get away from the low prices and start bringing in more main stream products. They changed their clothing lines and made other changes in attempt to get more dollars. The results speak for themselves. Wal-Mart had bad quarters especially by Wal-Mart standards, the decision makers were fired and Wal-Mart is going back to focusing on low prices.
So how do you transition?
First of all, make it a slow and steady process. Do not change everything at once but do it over a period of time. You may want to bring in a few items at a time and see how your existing customer base reacts to them.
It is very difficult to change your niche but it can be done. What you cannot do is suddenly change everything and upset your existing customers. Do it slowly and make sure that your existing customers know that your not trying to get rid of them, your just adding products to better their shopping experience.
The basic answer to this question is that yes you can change but you have to do it very delicately so that you do not alienate your existing market while trying to attract new customers.
Lets take a look at two examples of companies who are big but did not do a good job of transitioning.
The first is Nordstrom. Nordstrom is best know for its customer service. You will pay more to shop their but people do it for its great service. Its product line could best be described as mainstream, nothing fancy but quality product. However a few years ago corporate decided that it wanted to attract younger hipper people into the store. It changed its product lines and alienated its biggest customers. The result was that sales went through the floor and the Nordstrom family replaced some of the big decision makers.
Even the mighty Wal-Mart has failed in an attempt to change their niche. Over the last couple of years they have tried to get away from the low prices and start bringing in more main stream products. They changed their clothing lines and made other changes in attempt to get more dollars. The results speak for themselves. Wal-Mart had bad quarters especially by Wal-Mart standards, the decision makers were fired and Wal-Mart is going back to focusing on low prices.
So how do you transition?
First of all, make it a slow and steady process. Do not change everything at once but do it over a period of time. You may want to bring in a few items at a time and see how your existing customer base reacts to them.
It is very difficult to change your niche but it can be done. What you cannot do is suddenly change everything and upset your existing customers. Do it slowly and make sure that your existing customers know that your not trying to get rid of them, your just adding products to better their shopping experience.
Friday, July 27, 2007
Business Articles of Note
Economic growth is strongest in a year
Macy's plans new bid to win over shoppers
Company sells alternative insulation
Doping may scare off cycling sponsors
Inside Entrepreneurship: Referrals can help you get a foot in the door
Venture Capital: Beer, ribs and tales from the Web front lines
Haggen tops off big remodel project
Macy's plans new bid to win over shoppers
Company sells alternative insulation
Doping may scare off cycling sponsors
Inside Entrepreneurship: Referrals can help you get a foot in the door
Venture Capital: Beer, ribs and tales from the Web front lines
Haggen tops off big remodel project
Thursday, July 26, 2007
Business Articles of Note
Orders for durable goods up
Home resales at 4 1/2-year low
Some allege Geek Squad agents copy your files
Calling all shoppers! Buzz getting louder around mobile commerce
Surf stores expect a wave of back-to-school buying
Dancing Elmo Smackdown
Target selects Blu-ray over rival HD DVD format for its stores
Home resales at 4 1/2-year low
Some allege Geek Squad agents copy your files
Calling all shoppers! Buzz getting louder around mobile commerce
Surf stores expect a wave of back-to-school buying
Dancing Elmo Smackdown
Target selects Blu-ray over rival HD DVD format for its stores
Wednesday, July 25, 2007
Business Articles of Note
'Solid' major fast-growing
Is iPhone a big flop?
Maker of toilet aquarium swims into new territory
LLCs provide key financial benefits
How to draw talent to a little company
Harley Woos Female Bikers
Aided by Harry Potter Fans, Amazon Triples Its Profit
In Chicago, a Haven for Green Enterprise
In the Kitchen and on the Airwaves, Red Lobster Gets a Makeover
Older Workers, Tired of Routine, Turn to Franchising
Franchise idea translates well in the S.L. Valley
Is iPhone a big flop?
Maker of toilet aquarium swims into new territory
LLCs provide key financial benefits
How to draw talent to a little company
Harley Woos Female Bikers
Aided by Harry Potter Fans, Amazon Triples Its Profit
In Chicago, a Haven for Green Enterprise
In the Kitchen and on the Airwaves, Red Lobster Gets a Makeover
Older Workers, Tired of Routine, Turn to Franchising
Franchise idea translates well in the S.L. Valley
Tuesday, July 24, 2007
Business Articles of Note
Wal-Mart banks on discounts
Wal-Mart discounts could spur price war
U.S. warns consumers to heed canned meat recall
AT&T Earnings Up, but iPhone Sales Disappoint
Making Your Pitch in 15 Seconds or Less
Ralphs returns to city center
Starbucks slips; lattes rise
Internet pioneer Vint Cerf looks to the future
Sell your niche with help from PopShops
Wal-Mart discounts could spur price war
U.S. warns consumers to heed canned meat recall
AT&T Earnings Up, but iPhone Sales Disappoint
Making Your Pitch in 15 Seconds or Less
Ralphs returns to city center
Starbucks slips; lattes rise
Internet pioneer Vint Cerf looks to the future
Sell your niche with help from PopShops
Monday, July 23, 2007
Business Articles of Note
Woman uses Amazon.com to turn her passion into a paycheck
Entrepreneurs: Love of animals launches in-home care business
Effective managers use customer feedback quickly
Wal-Mart cuts back-to-school prices
Turning your passion into profit
Second Life proves hard sell
IBM reorganizing to compete in small and midsize business market
Keep personal finances apart from business
Artisan brings metal roofing to Utah
Protecting your PC needn't cost a bundle
Barbie Gets Another Accessory: An MP3 Player and More Stuff on Her Web Site
Podcasters Unite to Figure Out a Role for Ads
Startups get $300 million for second consecutive quarter
Discover the wide world of widgets
Like a rolling stone
Entrepreneurs: Love of animals launches in-home care business
Effective managers use customer feedback quickly
Wal-Mart cuts back-to-school prices
Turning your passion into profit
Second Life proves hard sell
IBM reorganizing to compete in small and midsize business market
Keep personal finances apart from business
Artisan brings metal roofing to Utah
Protecting your PC needn't cost a bundle
Barbie Gets Another Accessory: An MP3 Player and More Stuff on Her Web Site
Podcasters Unite to Figure Out a Role for Ads
Startups get $300 million for second consecutive quarter
Discover the wide world of widgets
Like a rolling stone
Sunday, July 22, 2007
Business Articles of Note
Domain names: 21st century real estate
Federal minimum wage to rise on Tuesday
The time to save is now
Wal-Mart expects new apparel execs to revive sales
Plan ahead before using cell overseas
Advertisers' next target: Gen Yers
No lid found yet on Tupperware growth
Big boxes attempting to speed up shopping
Restaurant diners go online to share tips
New drive-in theaters buck nationwide trend
Small farms do away with the middleman
Management solutions that belong in the trash
We love our TVs and accessories
When Mobile Phones Aren’t Truly Mobile
Is G.E. Too Big for Its Own Good?
Did McDonald’s Give In to Temptation?
Rational Exuberance
What’s in a Name? It’s a Matter of Taste
Waiter, I’m at Your Mercy
Wal-Mart fleet makes big savings in truck fuel
Small Talk: Time off in the summer motivates small-business staff
Firm looks to bridge one gender gap
Ask.com won't keep data from searches
Next Windows version just three years away
Retail Notebook: Seattle fashionista closes iconic Opus 204 boutique
Federal minimum wage to rise on Tuesday
The time to save is now
Wal-Mart expects new apparel execs to revive sales
Plan ahead before using cell overseas
Advertisers' next target: Gen Yers
No lid found yet on Tupperware growth
Big boxes attempting to speed up shopping
Restaurant diners go online to share tips
New drive-in theaters buck nationwide trend
Small farms do away with the middleman
Management solutions that belong in the trash
We love our TVs and accessories
When Mobile Phones Aren’t Truly Mobile
Is G.E. Too Big for Its Own Good?
Did McDonald’s Give In to Temptation?
Rational Exuberance
What’s in a Name? It’s a Matter of Taste
Waiter, I’m at Your Mercy
Wal-Mart fleet makes big savings in truck fuel
Small Talk: Time off in the summer motivates small-business staff
Firm looks to bridge one gender gap
Ask.com won't keep data from searches
Next Windows version just three years away
Retail Notebook: Seattle fashionista closes iconic Opus 204 boutique
Friday, July 20, 2007
Business Articles of Note
Key predictor falls more than expected
Pottermania: Booksellers gear up for books release
U.S. reliance on Chinese food imports growing
Starbucks teams up with Hershey
C.E.O. Libraries Reveal Keys to Success
Wal-Mart Apparel Chief Resigns as Sales Lag
Inside Entrepreneurship: Rapid growth presents a challenge
Venture Capital: 'Secure identity wallet' the idea behind Demoxi
Vegan bakery makes do without
Pottermania: Booksellers gear up for books release
U.S. reliance on Chinese food imports growing
Starbucks teams up with Hershey
C.E.O. Libraries Reveal Keys to Success
Wal-Mart Apparel Chief Resigns as Sales Lag
Inside Entrepreneurship: Rapid growth presents a challenge
Venture Capital: 'Secure identity wallet' the idea behind Demoxi
Vegan bakery makes do without
Thursday, July 19, 2007
Wednesday, July 18, 2007
Business Articles of Note
Report: Equity firm considering $24-billion bid for Macy's
Wal-Mart cast as dark lord
Utah leads nation in job growth
Entrepreneurial training classes start July 25
Building ambience with the right beats
Revived advisory panel begins setting an agenda
Online discount real estate broker raises $12 million
Wal-Mart to test-market Bible action figures
Seeking to create world’s largest online shared Rolodex
So you want an e-commerce site?
Wal-Mart cast as dark lord
Utah leads nation in job growth
Entrepreneurial training classes start July 25
Building ambience with the right beats
Revived advisory panel begins setting an agenda
Online discount real estate broker raises $12 million
Wal-Mart to test-market Bible action figures
Seeking to create world’s largest online shared Rolodex
So you want an e-commerce site?
Tuesday, July 17, 2007
Business Articles of Note
Wholesale prices fall in June
Private labels changing food industry
Be wary of pitfalls when using Web payment system PayPal
The Hand That Controls the Sock Puppet Could Get Slapped
Buckle Up? No, Sit Back and Relax
Justifying $5 Smoothies: It’s the Juice
Businesses say accounting reform costly, onerous
Entrepreneur had 'an eye for the future'
New-look outlet malls here to stay
Private labels changing food industry
Be wary of pitfalls when using Web payment system PayPal
The Hand That Controls the Sock Puppet Could Get Slapped
Buckle Up? No, Sit Back and Relax
Justifying $5 Smoothies: It’s the Juice
Businesses say accounting reform costly, onerous
Entrepreneur had 'an eye for the future'
New-look outlet malls here to stay
Monday, July 16, 2007
Business Articles of Note
Developing Montana: Luring new business a competition
Startup businesses benefit from funding programs
Red Lodge shopkeeper strings together a career
China fights back, goes after U.S. meat
Whole Foods broadens reach
Need-to-know news for the entrepreneur
Small firms capitalize on techniques that help create bigger presence
Great place to start
Purchase of bottle of Scotch led Korean immigrant to start business
Plastic grocery bags come with price tag
Retail Notebook: Queen Anne shop brings back the magic of board games
GranDee's for sale
Startup businesses benefit from funding programs
Red Lodge shopkeeper strings together a career
China fights back, goes after U.S. meat
Whole Foods broadens reach
Need-to-know news for the entrepreneur
Small firms capitalize on techniques that help create bigger presence
Great place to start
Purchase of bottle of Scotch led Korean immigrant to start business
Plastic grocery bags come with price tag
Retail Notebook: Queen Anne shop brings back the magic of board games
GranDee's for sale
Sunday, July 15, 2007
Business Articles of Note
Firms place dollar value on workplace wellness
As moms return to work, part-time job feels right
Jones Soda shifts focus but still creates buzz
Crafting the entrepreneurial fit
Leadership skills ease promotion to an uncharted area
Diversity of opinions leads to better decisions
Entrepreneurs have options
Talk's not cheap when you take phone abroad
Making a Little Company Look Big
Men Are From Mars, Women Are From Business
Entrepreneurship: The All in the Family Edition
Windows Vista still has its share of detractors
J.C. Penney tries out a hip new approach to ads
New options for those who work from home still want office perks
10 million workers have substance abuse problem
Small-business owners warned not to risk ruin building a company
Getting a lesson in retail inside world's busiest Costco
As moms return to work, part-time job feels right
Jones Soda shifts focus but still creates buzz
Crafting the entrepreneurial fit
Leadership skills ease promotion to an uncharted area
Diversity of opinions leads to better decisions
Entrepreneurs have options
Talk's not cheap when you take phone abroad
Making a Little Company Look Big
Men Are From Mars, Women Are From Business
Entrepreneurship: The All in the Family Edition
Windows Vista still has its share of detractors
J.C. Penney tries out a hip new approach to ads
New options for those who work from home still want office perks
10 million workers have substance abuse problem
Small-business owners warned not to risk ruin building a company
Getting a lesson in retail inside world's busiest Costco
Saturday, July 14, 2007
Learn from the problems at K-Mart....
The last few years have not been good for the founder of the big box discounter K-Mart. Sales are bad and the merger with Sears has not stopped the decline. While I do not have experience with their corporate issues, I will go over some issues I have observed in their stores, and some of things they need to do to turn things around.
Why would I go over K-Mart's problems in this blog? Simple, so that you can learn from K-Mart/Sears mistakes and show you what pitfalls to avoid. While I could write a book on their issues I will only outline the problems and give you solutions so you can apply them to your business.
Problem #1:
The first and foremost problem K-Mart has is poor customer service. They have cut store staffing to the bone and now there is not enough people to assist the customers they have. Some examples of the problems: customers cannot get help in the departments, if there is a problem at the checkouts say with a price, it takes an eternity for someone to do a price check, and employees are poorly trained and cannot deal with problems. This is just a store issue since I have seen these problems at every K-Mart I have been to in the last two or three years.
Problem #2:
The remodel that isn't. When K-Mart started to change the name of the stores to Sears Essentials all that changed was the sign on the door but nothing was done to the interior. The Sears Essentials I have been into had no interior modifications so they look like dumps. Sadly most of the K-Marts I have been into look like they haven't been cleaned in 20 years. That is a problem because it scares customers away. Just a coat of paint goes a long way to changing perceptions.
Problem #3:
They still have no idea what they are trying to be. Then again Wal-Mart is starting to have some of these problems, and Nordstrom had this problem a few years ago. K-Mart and Sears need to figure out what they want to be, what market they are going after, and go for it instead of trying to be all things to all people because it doesn't work. Target has their niche, Wal-Mart has their niche (even if they want to change it), Nordstrom has their niche and K-Mart/Sears should try to find where they fit in. I live near the first Sears Grand store and I thought it had a ton of potential but there is so many big box stores, maybe its time to go after something else?
This gives you a general idea of the problems facing K-Mart and Sears. While it is no way a comprehensive list, it does show the biggest three problems they are facing. I hope looking at their problems gives you ideas to improve your business and make your business the best it can be.
Why would I go over K-Mart's problems in this blog? Simple, so that you can learn from K-Mart/Sears mistakes and show you what pitfalls to avoid. While I could write a book on their issues I will only outline the problems and give you solutions so you can apply them to your business.
Problem #1:
The first and foremost problem K-Mart has is poor customer service. They have cut store staffing to the bone and now there is not enough people to assist the customers they have. Some examples of the problems: customers cannot get help in the departments, if there is a problem at the checkouts say with a price, it takes an eternity for someone to do a price check, and employees are poorly trained and cannot deal with problems. This is just a store issue since I have seen these problems at every K-Mart I have been to in the last two or three years.
Problem #2:
The remodel that isn't. When K-Mart started to change the name of the stores to Sears Essentials all that changed was the sign on the door but nothing was done to the interior. The Sears Essentials I have been into had no interior modifications so they look like dumps. Sadly most of the K-Marts I have been into look like they haven't been cleaned in 20 years. That is a problem because it scares customers away. Just a coat of paint goes a long way to changing perceptions.
Problem #3:
They still have no idea what they are trying to be. Then again Wal-Mart is starting to have some of these problems, and Nordstrom had this problem a few years ago. K-Mart and Sears need to figure out what they want to be, what market they are going after, and go for it instead of trying to be all things to all people because it doesn't work. Target has their niche, Wal-Mart has their niche (even if they want to change it), Nordstrom has their niche and K-Mart/Sears should try to find where they fit in. I live near the first Sears Grand store and I thought it had a ton of potential but there is so many big box stores, maybe its time to go after something else?
This gives you a general idea of the problems facing K-Mart and Sears. While it is no way a comprehensive list, it does show the biggest three problems they are facing. I hope looking at their problems gives you ideas to improve your business and make your business the best it can be.
Friday, July 13, 2007
Thursday, July 12, 2007
Business Articles of Note
Stores post lackluster sales in June
Wal-Mart June sales climb 9.4 percent
McDonald's to open coffee chain in Japan
Whole Foods chief ripped rival online
Quiznos owners toast change
Web search engine will take 90% of market, analysts say
Survey: Moms prefer part-time work
A leader in business: No surprise to many: Forbes ranks Utah 2nd in nation
S.L. sneaker boutique is in step with the times
Wal-Mart acts to stem rising shoplifting
AOL eases way for customers to leave
Wal-Mart June sales climb 9.4 percent
McDonald's to open coffee chain in Japan
Whole Foods chief ripped rival online
Quiznos owners toast change
Web search engine will take 90% of market, analysts say
Survey: Moms prefer part-time work
A leader in business: No surprise to many: Forbes ranks Utah 2nd in nation
S.L. sneaker boutique is in step with the times
Wal-Mart acts to stem rising shoplifting
AOL eases way for customers to leave
Wednesday, July 11, 2007
Business Articles of Note
Businessman turns bus into mobile office
Sears' sales woes cut into investor patience
Small farms cultivate buyer groups to thrive
Job growth helps boost index
Bookstore still motoring
SBA takes aim at big firms on contractor list
Housing slump is hurting retailers
Funeral co-op offers lower costs than traditional facilities
Sears' sales woes cut into investor patience
Small farms cultivate buyer groups to thrive
Job growth helps boost index
Bookstore still motoring
SBA takes aim at big firms on contractor list
Housing slump is hurting retailers
Funeral co-op offers lower costs than traditional facilities
Tuesday, July 10, 2007
Business Articles of Note
Sears warns poor summer sales will hurt profits
Southwest raises most fares $1 to $10; rivals follow suit
Limited Brands sheds clothing business
Consumer borrowing posts hefty increase
PDAs vary in size and battery life
The fastest-growing group of new Internet users — senior citizens
Rail buff's dream rolling to a halt in Guatemala
Preaching the anti-shopping gospel
Films can be chosen off TV via TiVo, Amazon
Economy to struggle as baby boomers retire
Southwest raises most fares $1 to $10; rivals follow suit
Limited Brands sheds clothing business
Consumer borrowing posts hefty increase
PDAs vary in size and battery life
The fastest-growing group of new Internet users — senior citizens
Rail buff's dream rolling to a halt in Guatemala
Preaching the anti-shopping gospel
Films can be chosen off TV via TiVo, Amazon
Economy to struggle as baby boomers retire
Monday, July 09, 2007
Business Articles of Note
Red Lodge-based outfitter finds water thrilling
Consumer group attacks Apple
Burger King to use trans-fat-free oil nationwide by end of 2008
Fans Get to Talk About ‘Transformers,’ and the Knives Are Unsheathed
An Escape From the Slush Pile: A Web Site Tries Out New Comics
As Domestic Sales Slow, Travel Sites Go Global
For CEOs, uncertainty may be key to success
For snack food makers, good things come in smaller packages
Consumer group attacks Apple
Burger King to use trans-fat-free oil nationwide by end of 2008
Fans Get to Talk About ‘Transformers,’ and the Knives Are Unsheathed
An Escape From the Slush Pile: A Web Site Tries Out New Comics
As Domestic Sales Slow, Travel Sites Go Global
For CEOs, uncertainty may be key to success
For snack food makers, good things come in smaller packages
Sunday, July 08, 2007
Business Articles of Note
Shopping now cool among men
Even Tinseltown needs someone to deal in scraps
Econo Print included in magazine's top 100
Still going on vacation but closer to home
Lakeside firm patents advanced remote sensing technology
Shows being 'beamed' to theaters
Let's do dinner — and PowerPoint
Thoughts move toy train in Japan
How do we balance work, family and vacation?
Moscow, London, Seoul, Tokyo among most expensive
Cushy regional jets
Vacuum business has room to grow
Kohl's pulls some clothes from stores
I Shot the Polo Shirt
Shopping and Not Dropping
Small Talk: It pays to have a time-off policy in place before the time comes
Latin America turns into magnet for outsourcing
Retail Notebook: Wallingford Center picks up some new shops
Even Tinseltown needs someone to deal in scraps
Econo Print included in magazine's top 100
Still going on vacation but closer to home
Lakeside firm patents advanced remote sensing technology
Shows being 'beamed' to theaters
Let's do dinner — and PowerPoint
Thoughts move toy train in Japan
How do we balance work, family and vacation?
Moscow, London, Seoul, Tokyo among most expensive
Cushy regional jets
Vacuum business has room to grow
Kohl's pulls some clothes from stores
I Shot the Polo Shirt
Shopping and Not Dropping
Small Talk: It pays to have a time-off policy in place before the time comes
Latin America turns into magnet for outsourcing
Retail Notebook: Wallingford Center picks up some new shops
Saturday, July 07, 2007
Is the Wal-Mart Price Really Lower?
Depending on what kind of products you sell in your retail store, at some point you will have some one come up to you and say..."Wal-Mart is cheaper". I am sure that every retailer in the country has heard this line one too many times. However, while Wal-Mart may have a lower price, does it have the best price for the money?
This is where knowing your competition comes in handing. No, you don't need to go into Wal-Mart or Best Buy or any of those big box stores every day to find out about prices and how they are doing things. What you do need to do is look at your important sellers, the ones that sell enough and make you enough money and make sure you know how your product competes against the competition whoever that may be in your store. You need to know how that products is a better value the competition and inform your customers about it.
Let give you one example from when I was managing an appliance department. Our biggest microwave oven at the time was 1.8 cubic feet. At the time it was selling from $179.99. Wal-Mart also had a 1.8 cubic feet microwave but it sold for $159.99. So Wal-Mart's price was lower. But was it a better value?
Our microwave had sensor cook, various quick select buttons including popcorn, sensor defrost, multiple reheat options, and keep warm.
On the other hand the Wal-Mart model had none of this. In fact what Wal-Mart did (and what it often does) is go to the manufacturer, tell them they wanted a microwave at this size, at this price, and to take out everything they could out of it to get a cheap price. In fact this the Wal-Mart model was not even in the manufacturers catalog which you will find in many of their products.
So what I did was have a side by side comparison of the two models and show how much of a better value it was (comparing it to Wal-Marts it was worth about $219.99).
Probably 20% of the people will still go over and buy the Wal-Mart model despite you showing your is a better value. However, your goal is to convince the 60% of buyers who are on the fence. By being professional and knowing your facts, you can show them that you have the best value for the dollar and the customer service to go with it.
This is where knowing your competition comes in handing. No, you don't need to go into Wal-Mart or Best Buy or any of those big box stores every day to find out about prices and how they are doing things. What you do need to do is look at your important sellers, the ones that sell enough and make you enough money and make sure you know how your product competes against the competition whoever that may be in your store. You need to know how that products is a better value the competition and inform your customers about it.
Let give you one example from when I was managing an appliance department. Our biggest microwave oven at the time was 1.8 cubic feet. At the time it was selling from $179.99. Wal-Mart also had a 1.8 cubic feet microwave but it sold for $159.99. So Wal-Mart's price was lower. But was it a better value?
Our microwave had sensor cook, various quick select buttons including popcorn, sensor defrost, multiple reheat options, and keep warm.
On the other hand the Wal-Mart model had none of this. In fact what Wal-Mart did (and what it often does) is go to the manufacturer, tell them they wanted a microwave at this size, at this price, and to take out everything they could out of it to get a cheap price. In fact this the Wal-Mart model was not even in the manufacturers catalog which you will find in many of their products.
So what I did was have a side by side comparison of the two models and show how much of a better value it was (comparing it to Wal-Marts it was worth about $219.99).
Probably 20% of the people will still go over and buy the Wal-Mart model despite you showing your is a better value. However, your goal is to convince the 60% of buyers who are on the fence. By being professional and knowing your facts, you can show them that you have the best value for the dollar and the customer service to go with it.
Friday, July 06, 2007
Business Articles of Note
Job growth is better-than-expected
Shoppers concerned about Chinese goods
Burger King to Use Trans-Fat-Free Oil
JetBlue plans to offer wireless e-mail in flight
Katrina fuels Hispanic surge in New Orleans
Mixing business and aviation
Microsoft to Spend $1.15 Billion for Xbox Repairs
Dresses back in style, sales surge
Venture Capital: Only angels invest in Cozi
Inside Entrepreneurship: Create your own business plan
IPhone resellers ready to hang it up
Shoppers concerned about Chinese goods
Burger King to Use Trans-Fat-Free Oil
JetBlue plans to offer wireless e-mail in flight
Katrina fuels Hispanic surge in New Orleans
Mixing business and aviation
Microsoft to Spend $1.15 Billion for Xbox Repairs
Dresses back in style, sales surge
Venture Capital: Only angels invest in Cozi
Inside Entrepreneurship: Create your own business plan
IPhone resellers ready to hang it up
Thursday, July 05, 2007
Business Articles of Note
Web sites help toys come to life
Earth to shoppers: Bag the plastic sack
China Finds Poor Quality on Its Store Shelves
Happy Returns for Travel Agents
With Entrepreneurs, Luck Is Earned
One Key to a Problem-Free Firing Is Dignity
Growth of broadband is slowing
New execs help companies profit environmentally
Earth to shoppers: Bag the plastic sack
China Finds Poor Quality on Its Store Shelves
Happy Returns for Travel Agents
With Entrepreneurs, Luck Is Earned
One Key to a Problem-Free Firing Is Dignity
Growth of broadband is slowing
New execs help companies profit environmentally
Wednesday, July 04, 2007
Business Articles of Note
Grocer's workers to bag union
Woman files suit against McDonald's
Flag flap — make 'em here
Fourth not a holiday for all
EBay will upgrade its Web site
Soaring diabetes rates wake prosthetics industry
A head start on entrepreneurship
Passing down a family business
Sears Responds to Its Critics With a Call for Patience
8 gigabyte iPhone's profit margin exceeds 55 percent, analysis finds
Woman files suit against McDonald's
Flag flap — make 'em here
Fourth not a holiday for all
EBay will upgrade its Web site
Soaring diabetes rates wake prosthetics industry
A head start on entrepreneurship
Passing down a family business
Sears Responds to Its Critics With a Call for Patience
8 gigabyte iPhone's profit margin exceeds 55 percent, analysis finds
Tuesday, July 03, 2007
Business Articles of Note
As workers cheer, employers worry
Office space at premium in Salt Lake
Choose version of Vista that best fits your needs
U.S. factory growth beats expectations
Engaging at Any Speed? Commercials Put to Test
In Land of Khakis, a New Focus on High Style
Selling Yourself by Showing Yourself, in a Good Way
Florida sisters spearheading booming fireworks business
Economic horizon is really not so bleak
Small Business: It's time for a midyear checkup
Amazon.com to sell indie films on demand in HD DVD format
McDonald's powers fleet with recycled fuel
Office space at premium in Salt Lake
Choose version of Vista that best fits your needs
U.S. factory growth beats expectations
Engaging at Any Speed? Commercials Put to Test
In Land of Khakis, a New Focus on High Style
Selling Yourself by Showing Yourself, in a Good Way
Florida sisters spearheading booming fireworks business
Economic horizon is really not so bleak
Small Business: It's time for a midyear checkup
Amazon.com to sell indie films on demand in HD DVD format
McDonald's powers fleet with recycled fuel
Monday, July 02, 2007
Business Articles of Note
Experts detail ergonomic stresses of hotel work
U.S. manufacturing sector to expand
China's surplus forecast over $100B
iPhone sales may have passed 500,000
Web sites can build sales, expand reach
Wii demand unabated
Need-to-know news for the entrepreneur
Amazon.com to sell, rent digital downloads of Web-based drama
Online Customized Ads Move a Step Closer
Post-it notes now a key part of many people's daily lives
Workplace Coach: Becoming a great leader depends on skill, not talent
7-Eleven brings in the 'D'oh!' ahead of film
Homes in neighborhood of $100 million place to be
U.S. manufacturing sector to expand
China's surplus forecast over $100B
iPhone sales may have passed 500,000
Web sites can build sales, expand reach
Wii demand unabated
Need-to-know news for the entrepreneur
Amazon.com to sell, rent digital downloads of Web-based drama
Online Customized Ads Move a Step Closer
Post-it notes now a key part of many people's daily lives
Workplace Coach: Becoming a great leader depends on skill, not talent
7-Eleven brings in the 'D'oh!' ahead of film
Homes in neighborhood of $100 million place to be
Sunday, July 01, 2007
Business Articles of Note
Angel investors help space companies
Apple's iPhone debuts -- but not in Wyoming
Protect yourself from identity theft for free
Welcome mat goes out for Gen Y
Back on track: Railroads are acquiring competitive edge in shipping
Personal boundaries shrink as companies punish bad behavior
Kroger marketing new milk that may lower cholesterol
Entrepreneurs should network on several levels
Family and Medical Leave Act works well despite complaints
'X-teams' succeed by looking outward
Companies in U.S. Increase Testing of Chinese Goods
Restoring the Past to Improve the Future
As Laws Change, So Does the Baseball Bat
Businesses should do midyear checkup
Supermarkets get on organic bandwagon
Home Depot's Eco Options green line gets cheers and jeers
Who's buying the iPhone? Most surveyed are tech workers, prefer or own Macs
Retail Notebook: Bigger, brighter and fashionable Barneys New York
HD DVD Internet connection touted
Custom organization
Apple's iPhone debuts -- but not in Wyoming
Protect yourself from identity theft for free
Welcome mat goes out for Gen Y
Back on track: Railroads are acquiring competitive edge in shipping
Personal boundaries shrink as companies punish bad behavior
Kroger marketing new milk that may lower cholesterol
Entrepreneurs should network on several levels
Family and Medical Leave Act works well despite complaints
'X-teams' succeed by looking outward
Companies in U.S. Increase Testing of Chinese Goods
Restoring the Past to Improve the Future
As Laws Change, So Does the Baseball Bat
Businesses should do midyear checkup
Supermarkets get on organic bandwagon
Home Depot's Eco Options green line gets cheers and jeers
Who's buying the iPhone? Most surveyed are tech workers, prefer or own Macs
Retail Notebook: Bigger, brighter and fashionable Barneys New York
HD DVD Internet connection touted
Custom organization
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